Zelenskyy signs law on free trade with European partners
Source: Interfax-Ukraine
Quote: "Ukrainian President Volodymyr Zelenskyy has signed a law ratifying Decision No. 2/2024 of the Joint Committee of the Regional Convention on Pan-Euro-Mediterranean Preferential Rules of Origin."
Details: As the Ukrainian parliament's press service reported on Telegram, this law's entry into force will allow Ukraine to trade freely with its European partners during the transition to the updated rules of the Convention, which are being applied from 1 January 2025.
According to the Convention, countries may apply the old and new (updated) rules of origin for goods in parallel until the end of 2025.
Old certificates (valid until 1 January 2025 or 2026) remain valid if the goods are still in transit or under customs control.
Certificates issued under the new rules must bear the words "REVISED RULES". Countries must regularly inform each other of updates to their rules.
"This will allow Ukrainian exporters to maintain continuity of trade with the EU and adapt more easily to the new requirements," the parliament's press service said.
Background:
Earlier, it was reported that on 13 May 2024, the Council of the European Union approved the suspension of import duties and quotas on Ukrainian exports to the EU for another year.
Unlike similar decisions in the previous two years, this year, in view of farmers' protests, the EU decided to continue duty-free trade with Ukraine, but with restrictions.
It was also reported that Ukraine exported goods worth US$41.627 billion in 2024, which is US$5.44 billion, or 15% more than in 2023. In terms of weight, exports amounted to 131.179 million tonnes, which is 30.8 million tonnes more, or an increase of 30.8%. Imports also increased by 8.6% to US$69 billion.
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